EQS-News Swiss Re and Veoneer enter partnership to further improve assessment and enhance development of ADAS technology
EQS Group-News: Swiss Re Ltd / Key word(s): Alliance/Joint Venture
Zurich, 20 April 2021 - Swiss Re and Veoneer are pooling their knowledge and vast experience on road safety technologies to further enhance the evaluation and development of advanced driver assistance systems (ADAS) and related services.
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Yearly, almost 1.4 million lives are lost, and 50 million people are injured on roads globally. ADAS, a technology designed to assist drivers, has shown huge potential in reducing the number of road crashes and mitigating the number of fatalities and severe injuries.
In the last 10 years, car and other vehicle manufacturers have been accelerating the rollout of ADAS. Insurers, however, have been slow in catching up as they still mostly rely on static demographic factors for premium calculation rather than taking the full implications of ADAS into account. In 2019 Swiss Re launched the ADAS Risk Score with the aim of creating a vehicle-specific insurance rating that primary carriers can use to calculate insurance premiums, taking driver assistance systems into account.
Swiss Re and Veoneer share a mutual interest in gaining the best possible insights into the safety effects of ADAS in order to further improve and tailor the performance of such systems to drivers' habits, and accurately evaluate them.
Through this partnership, Veoneer will enhance its ADAS technology using Swiss Re's empirical knowledge of performance of ADAS systems based on insurance-relevant insights and comprehensive approach to risk modelling. A better understanding of how a vehicle is driven in specific contexts, such as differing road or weather conditions, will reveal the opportunities and limitations of current systems in more detail.